VELA Investment Management LLC Purchases New Holdings in Align Technology, Inc. (NASDAQ:ALGN)

VELA Investment Management LLC bought a new stake in shares of Align Technology, Inc. (NASDAQ:ALGN) during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 1,151 shares of the medical equipment provider’s stock, valued at approximately $315,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Raymond James Trust N.A. grew its stake in shares of Align Technology by 39.4% during the first quarter. Raymond James Trust N.A. now owns 934 shares of the medical equipment provider’s stock worth $407,000 after purchasing an additional 264 shares during the period. Dimensional Fund Advisors LP increased its position in shares of Align Technology by 11.1% in the 1st quarter. Dimensional Fund Advisors LP now owns 180,978 shares of the medical equipment provider’s stock valued at $78,911,000 after buying an additional 18,153 shares in the last quarter. Prudential PLC acquired a new stake in Align Technology during the 1st quarter worth $955,000. Cetera Investment Advisers lifted its holdings in Align Technology by 4.9% during the first quarter. Cetera Investment Advisers now owns 1,713 shares of the medical equipment provider’s stock worth $747,000 after acquiring an additional 80 shares in the last quarter. Finally, Sequoia Financial Advisors LLC grew its stake in Align Technology by 17.1% in the first quarter. Sequoia Financial Advisors LLC now owns 526 shares of the medical equipment provider’s stock valued at $229,000 after acquiring an additional 77 shares during the period. 88.43% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. The Goldman Sachs Group raised their target price on shares of Align Technology from $197.00 to $225.00 and gave the stock a “sell” rating in a report on Friday, February 2nd. Piper Sandler increased their target price on Align Technology from $335.00 to $355.00 and gave the stock an “overweight” rating in a report on Thursday, March 14th. Stifel Nicolaus boosted their price target on Align Technology from $340.00 to $350.00 and gave the company a “buy” rating in a report on Friday, March 15th. SVB Leerink started coverage on Align Technology in a report on Monday, February 26th. They set a “market perform” rating and a $310.00 price objective for the company. Finally, UBS Group upped their price target on Align Technology from $280.00 to $320.00 and gave the stock a “neutral” rating in a research report on Monday. One analyst has rated the stock with a sell rating, three have issued a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $339.91.

Insider Buying and Selling at Align Technology

In other Align Technology news, Director Joseph Lacob sold 15,000 shares of the business’s stock in a transaction on Thursday, February 29th. The shares were sold at an average price of $303.22, for a total transaction of $4,548,300.00. Following the transaction, the director now directly owns 131,994 shares of the company’s stock, valued at approximately $40,023,220.68. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, EVP Emory Wright sold 2,524 shares of the firm’s stock in a transaction that occurred on Wednesday, February 7th. The stock was sold at an average price of $287.45, for a total transaction of $725,523.80. Following the completion of the transaction, the executive vice president now owns 709 shares of the company’s stock, valued at approximately $203,802.05. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Joseph Lacob sold 15,000 shares of the business’s stock in a transaction on Thursday, February 29th. The stock was sold at an average price of $303.22, for a total value of $4,548,300.00. Following the completion of the sale, the director now directly owns 131,994 shares in the company, valued at $40,023,220.68. The disclosure for this sale can be found here. Insiders sold 27,524 shares of company stock valued at $8,403,924 in the last 90 days. Insiders own 0.72% of the company’s stock.

Align Technology Trading Down 0.4 %

Shares of ALGN stock traded down $1.37 during trading hours on Tuesday, hitting $303.37. 122,815 shares of the company’s stock were exchanged, compared to its average volume of 749,784. Align Technology, Inc. has a 12-month low of $176.34 and a 12-month high of $413.20. The company has a market capitalization of $22.83 billion, a PE ratio of 52.36, a PEG ratio of 5.67 and a beta of 1.65. The business’s 50 day simple moving average is $311.97 and its 200-day simple moving average is $269.75.

Align Technology (NASDAQ:ALGN) last announced its quarterly earnings results on Wednesday, January 31st. The medical equipment provider reported $1.91 EPS for the quarter, topping analysts’ consensus estimates of $1.78 by $0.13. The business had revenue of $956.73 million for the quarter, compared to analysts’ expectations of $928.57 million. Align Technology had a return on equity of 13.88% and a net margin of 11.52%. Equities analysts anticipate that Align Technology, Inc. will post 7.65 EPS for the current year.

About Align Technology

Align Technology, Inc designs, manufactures, and markets Invisalign clear aligners, and iTero intraoral scanners and services for orthodontists and general practitioner dentists in the United States, Switzerland, and internationally. The company's Clear Aligner segment offers comprehensive products, including Invisalign comprehensive package that addresses the orthodontic needs of younger patients, such as mandibular advancement, compliance indicators, and compensation for tooth eruption; and Invisalign First Phase I and Invisalign First Comprehensive Phase 2 package for younger patients generally between the ages of six and ten years, which is a mixture of primary/baby and permanent teeth.